International expert: Egypt’s strategy changed the rules of the game in the energy market

In the report, Michael Tankhum, non-resident professor of the Economics and Energy Program of the Middle East Institute, professor at the Spanish University of Nabra, praised the efforts made by Egypt before hosting the COP27 climate summit next November, and the international mobilization What is he doing to make this event awaited worldwide?

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Michael Tankhum believes that since President Abdel Fattah El-Sisi took power in Egypt, there is a remarkable project to transform it into a regional energy country due to its qualifications, led by offshore natural gas discoveries, financial reform, the development of renewable energy sources. and the construction of electrical interconnection lines.

According to the Energy Research Unit website, Tankhum’s assessment came in the context of a lengthy report on his reading of Egypt’s efforts in the energy sector, especially ahead of the launch of COP27 in the Egyptian resort town. from Sharm el-Sheikh.

changing the rules of the game

The report stated that the game-changing event was the discovery in August 2015 of the huge Egyptian natural gas field, Zohr, by Italian energy giant Eni.

The Zohr field is the largest gas discovery in the eastern Mediterranean, with reserves of 850,000 million cubic meters of gas. Its development makes Egypt energy self-sufficient, and the Middle East as a whole has quantities of natural gas that can be marketed and exported through existing Egyptian liquefaction stations.

By 2020, the Zohr field accounted for 40% of Egypt’s total daily gas production.

During the period between 2016 and 2018, the German company “Siemens” installed 3 gas-fired power plants, based on the combined cycle system, with a total capacity of 14.4 gigawatts, a rate sufficient to supply 40 million Egyptians, of a total of 103 million, with electricity in this way.

Gas and renewable energies together

Following Egypt’s achievements in natural gas exploration and liquefied gas export, at a time when it is expanding into renewable energies such as wind and solar, African countries are counting on Egypt’s role to boost their investments. internationally during “COP27”.

Michael Tankhum believes that Egypt’s parallel achievements in natural gas and renewable energy have shown that the theory of competition between them is unrealistic.

According to the Energy Research Unit, Egypt exports liquefied gas from two natural gas liquefaction plants; The first is in Idku with a capacity of 10 billion cubic meters and the other in Damietta with a capacity of 7 billion cubic meters.

Last year, Egypt managed to export two billion cubic meters to Europe, and expects exports to increase this year, after achieving the highest growth rate globally compared to the rest of the LNG exporting countries during 2021. .

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